Company Registration No. 03822090 (England and Wales)
EATON ELECTRICAL LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2016
EATON ELECTRICAL LIMITED
CONTENTS
Page
Abbreviated balance sheet
1 - 2
Notes to the abbreviated accounts
3 - 4
EATON ELECTRICAL LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 AUGUST 2016
31 August 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
55,773
45,379
Current assets
Stocks
5,173
5,000
Debtors
357,090
285,937
Cash at bank and in hand
26,377
83,763
388,640
374,700
Creditors: amounts falling due within one year
3
(251,321)
(246,468)
Net current assets
137,319
128,232
Total assets less current liabilities
193,092
173,611
Creditors: amounts falling due after more than one year
(11,025)
-
Provisions for liabilities
(7,435)
(5,786)
174,632
167,825
Capital and reserves
Called up share capital
4
100
100
Profit and loss account
174,532
167,725
Shareholders' funds
174,632
167,825
EATON ELECTRICAL LIMITED
ABBREVIATED BALANCE SHEET (CONTINUED)
AS AT
31 AUGUST 2016
31 August 2016
- 2 -
For the financial year ended 31 August 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 6 April 2017
W J Eaton
J Eaton
Director
Director
Company Registration No. 03822090
EATON ELECTRICAL LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 AUGUST 2016
- 3 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts. Turnover is recognised as contract activity progresses.
Turnover is recognised as contract activity progresses.
1.4
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Land and buildings Leasehold
15% per annum of net book value
Plant and machinery
20% per annum of net book value
Fixtures, fittings & equipment
30% per annum of net book value
Motor vehicles
25% per annum of net book value
1.5
Leasing and hire purchase commitments
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
1.6
Stock
Stock is valued at the lower of cost and net realisable value.
1.7
Pensions
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.
1.8
Deferred taxation
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
EATON ELECTRICAL LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2016
- 4 -
2
Fixed assets
Tangible assets
£
Cost
At 1 September 2015
93,685
Additions
25,471
At 31 August 2016
119,156
Depreciation
At 1 September 2015
48,306
Charge for the year
15,077
At 31 August 2016
63,383
Net book value
At 31 August 2016
55,773
At 31 August 2015
45,379
3
Creditors: amounts falling due within one year
The aggregate amount of creditors for which security has been given amounted to £15,526 (2015 - £0).
4
Share capital
2016
2015
£
£
Allotted, called up and fully paid
100 Ordinary shares of £1 each
100
100
5
Related party relationships and transactions
Other transactions
The company's business premises are owned by W J and J Eaton. During the year the company paid rent to them of £19,500 (2015 - £16,125).